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Most likely you have bad capacitors in the vertical output circuit. There are 3 or 4 caps in the circuit than tend to loose there value over the years. Replace these and you should see a noticable improvement. Thanks for using fixya.
Flashing lights on most TV's indicates a faulty voltage somewhere in the power supply or other voltage sensitive section. Like the "check engine" light on most cars, repair will require a trip to the shop. Get an estimate first. In the new world of disposable electronics the cost of repair may exceed the value of the set.